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Journalise the revaluation of the assets

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Reference no: EM132499726

Cost of asset (purchased 01/01/16) 100 000

Accumulated depreciation (31/12/19) (40 000)

Carrying amount 31/12/19 60 000

Expected useful life (straight line) 10 years

Net replacement value $90 000

Gross replacement value $150 000

It is company policy to revalue assets on the:

a) Net replacement value basis

b) Gross replacement basis

Required:

Question 1: Journalise the revaluation of the assets according to the two allowed alternatives in accordance with IAS 16

Reference no: EM132499726

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